The Princess Grace Challenge Cup is a rowing event for women's quadruple sculls at the annual Henley Royal Regatta on the River Thames at Henley-on-Thames in England. It is open to female crews from all eligible rowing clubs. Two or more clubs may combine to make an entry.

The race is named after Grace Patricia Kelly (later Grace, Princess of Monaco; November 12, 1929 – September 14, 1982) who was an Academy Award winning American film and stage actress. Upon marrying Rainier III, Prince of Monaco in 1956, she became Her Serene Highness The Princess of Monaco, but was generally known as Princess Grace of Monaco. Princess Grace maintained dual American and Monegasque citizenship after her marriage. The principality's current Sovereign Prince, Albert II, is the son of Prince Rainier and Princess Grace. The American Film Institute ranked Kelly #13 amongst the Greatest Female Stars of All Time.

A year before the Princesses untimely death in 1982 she was invited to present the prizes at the Royal Regatta. The Princess Grace Challenge Cup was first presented in 2003 by The President of the Australian Olympic Committee John Coates. In 2004 Grace's son Prince Albert of Monaco gave out the prizes at the Royal Regatta.